Industrial Cooling Tower Market - Global Industry Analysis, Size, Share, Growth Opportunities, Future Trends, Covid-19 Impact, SWOT Analysis, Competition and Forecasts 2022 to 2030
The global Industrial Cooling Tower Market is projected to grow at a CAGR of 4.3% during the forecast period from 2022 to 2029.
Industrial Cooling Tower Market Overview:
Growing demand for energy efficient cooling systems in industrial applications is expected to drive the growth of the market over the forecast period. Cooling towers provide a cost-effective way to cool large-scale commercial and process cooling applications in a variety of industries and industries, such as oil and gas, chemical, and food processing. Cooling towers are also deployed on a large scale in thermal power plants to remove excess heat. Increasing power consumption is expected to lead to construction of new power plants, boosting the market growth.
Industrial Cooling Tower market size estimates and forecasts are provided in terms of sales volume (K units) and revenue (million USD), with historical and forecast data for the period 2017 to 2030, with 2022 being considered as the base year. This report segments the global Industrial Cooling Tower market in detail. Regional market sizes related to products by type, by application, and by player are also delivered. In estimating the size of the market, we took into account the impact of COVID-19 and other global crisis.
The global Industrial Cooling Tower market is the professional and accurate study of various business perspectives such as major key players, key geographies, divers, restraints, opportunities, and challenges. This global research report has been aggregated on the basis of various market segments and sub-segments associated with the global market.
Industry News and Key Developments
- November 2020 – Linde GmbH picked HAMON & CIE (INTERNATIONAL) S.A. to install & design an 18-cell cooling tower for Amur CGG i.e., Amur Gas Chemical Complex located in Russia. The crucial tower is made of Fiberglass Reinforced Plastic (GRP) and has an automatic louver system for the nonstop process at very low temperatures.
- January 2019 - SPX Cooling Technologies announced the accessibility of several monitoring equipment and control panels, which streamlines cooling tower operation, data collection & installation. Control panels of Marley allow building management systems to appropriately connect cooling tower conditions over visual displays, network communications, and relay status outputs.
- October 2020 – EWK mounted 8 towers in Spain at Alicante Airport. These towers are fortified with "smart cooling tower" technology that provides automatic detection and information about tower operation.
- July 2021 - Baltimore Aircoil Company purchased Eurocoil Spa in Italy, a European refrigeration and commercial manufacturer. This acquisition has boosted the company’s position in the global market.
- December 2020 – ESINDUS, a Spanish company engaged in the cooling business in Mexico, South America, and Iberian Peninsula, was acquired by Hamon. Hamon & CIE focuses on strengthening its regional presence in EMEA, North America, and Asia Pacific.
Top Key Players include in the Industrial Cooling Tower Market are
Baltimore Aircoil, Bell Cooling Tower, Brentwood Industries, Enexio, Hamon & Cie International, Paharpur Cooling Towers, SPIG, SPX, Star Cooling Towers Private, and others.
The Industrial Cooling Tower market research report is categorized based on type, applications and region.
On the Basis of Type:
- Evaporative Cooling Tower
- Dry Cooling Tower
- Hybrid Cooling Tower
On the Basis of Application:
- Petrochemicals And Oil & Gas
- Food & Beverages
- Power Generation
- Feild erection
- Cross flow
- Counter flow
On the Basis of Region:
Geographically, the global Industrial Cooling Tower market has been analyzed in various regions such as North America, Latin America, Middle East, Asia-Pacific, Africa, Europe, and India. The global Industrial Cooling Tower region is dominating this market in the upcoming future.
Asia Pacific accounted for the highest market share with 30% by revenue in 2021. The Industrial Cooling Tower market is expected to witness tremendous growth across Asia Pacific due to the high rate of industrialization, which continues to drive the demand for Industrial Cooling Towers. Various applications across multiple countries including China, India, South Korea and Singapore. Additionally, the ongoing establishment of new data centers in the Asia Pacific region is providing tremendous opportunities for growth in the Industrial Cooling Tower market.
The Chinese Industrial Cooling Tower market is expected to witness high growth owing to increasing spending on manufacturing facilities and infrastructure in China. Additionally, the growing number of data centers across the country is one of the key factors keeping the market optimistic throughout the forecast period. China is also the largest consumer of electricity worldwide. The high amount of power generation required to meet the growing energy demand is also expected to increase the overall demand for Industrial Cooling Towers.
North America, led by the United States and Canada, accounted for a significant market share in the global immersion cooling market in 2020, owing to the presence of intelligent buildings, large-scale data centers, and building automation vendors. Additionally, rapid growth in structured and unstructured data coupled with growing demand for cloud computing is expected to fuel the global data center market growth over the forecast period, driving the demand for Industrial Cooling Towers.
The United States accounted for the largest market share in the North American Industrial Cooling Tower market in 2021, owing to high energy demand, industrialization, and investment in power generation. Increasing investment by oil and gas companies in exploration and production activities in the country is expected to boost the demand for Industrial Cooling Towers in the oil and gas industry.
Further the regions are divided into countries as follows
- North America
- Rest of North America
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia-Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
Industrial Cooling Tower Market report scope
CAGR of 4.3% during the forecast period.
Evaporative Cooling Tower, Dry Cooling Tower, Hybrid Cooling Tower
Petrochemicals And Oil & Gas, HVACR, Food & Beverages, Power Generation
Baltimore Aircoil, Bell Cooling Tower, Brentwood Industries, Enexio, Hamon & Cie International, Paharpur Cooling Towers, SPIG, SPX, Star Cooling Towers Private
Regions and Countries Covered
2017 to 2022
2023 to 2030
The major key questions addressed through this innovative research report:
What are the major challenges in front of the global Industrial Cooling Tower market?
Who are the key vendors of the global Industrial Cooling Tower market?
What are the leading key industries of the global Industrial Cooling Tower market?
Which factors are responsible for driving the global Industrial Cooling Tower market?
What are the key outcomes of SWOT and Porter’s five analysis?
What are the major key strategies for enhancing global opportunities?
What are the different effective sales patterns?
What will be the global market size in the forecast period?
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